In Economic Development and Transition, renowned development
economist Justin Yifu Lin argues that economic performance in
developing countries depends largely on government strategy. If the
government plays a facilitating role, enabling firms to exploit the
economy"s comparative advantages, its economy will develop
successfully. However, governments in most developing countries
attempt to promote industries that go against their comparative
advantages by creating various kinds of distortion to protect
nonviable firms in priority industries. Failing to recognize the
original intention of many distortions, most governments in
transition economies attempt to eliminate those distortions without
addressing firms" viability problems, causing economic performance
to deteriorate in their transition process. Governments in
successful transition economies adopt a pragmatic dual-track
approach that encourages firms to enter sectors that were
suppressed previously and gives necessary support to firms in
priority industries before their viability issue is addressed.
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